TABLE 8-3 to Become an Actuary, It Is Necessary to Pass a Pass

question 102

Short Answer

TABLE 8-3
To become an actuary, it is necessary to pass a series of 10 exams, including the most important one, an exam in probability and statistics. An insurance company wants to estimate the mean score on this exam for actuarial students who have enrolled in a special study program. They take a sample of 8 actuarial students in this program and determine that their scores are: 2, 5, 8, 8, 7, 6, 5, and 7. This sample will be used to calculate a 90% confidence interval for the mean score for actuarial students in the special study program.
-Referring to Table 8-3, the confidence interval will be based on ________ degrees of freedom.

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Definitions:

Technical Considerations

Factors related to technology, engineering, or specific technical requirements that must be taken into account in decision-making.

Price and Quality

Key factors considered in making purchasing decisions, balancing the cost of an item or service against its level of craftsmanship or effectiveness.

Internal Failure Costs

Expenses incurred from defects found before a product or service is delivered to the customer, including rework, scrap, and downtime costs.

Product Quality

The characteristics of a product that determine its ability to satisfy stated or implied needs.